@Anonymous wrote:hello, i'm on the road to rebuild my credit. i'm wondering which 3 secured cc's i should look into. i've got the cap1(well i'm funding tonight) and it'll be in route. my credit is so bad they want the full $200, should i deposit more for higher limit? or will it work as long as i work it right? i've seen the sfdcu reccomended but i dont believe i qualify to join? and once i have these cards how do i use them to get the quickest raise in my score? thanks
SDFCU everyone can join unless they changed their membership recently.
BOFA is still the best secured card out there, worth applying for since inquiries are moot.
DCU is a no-frills card, $0 AF though and not a bad CU to belong to.
I like the Cap 1 secured card but I wouldn't put additional funds into it, minimum is fine.
As for building your score, just get 2-3 cards (you can pick up the third along the way later, 3 is the suggested minimum for score optimization) and then use your cards and pay them off every month. When you're ready to apply for your next card after the initial set, pay all to zero except for leaving a few dollars on one card and that's close enough to optimal for everyone.
@Anonymous wrote:so its ok to use them up to the credit limit as long as i pay them off when the bill comes out?
Yes; however, when you need to optimize your score, pay in advance before the statement cuts. That's a FICO strategist trick, and not necessary at all otherwise.
Just to add, building credit is time involved. It doesn't happen overnight. Aged accounts look better over "how many cards I've gotten quickly."
Worry about your scores, utilization, balances before you apply for another card. Just use, and pay for now.
edit: my rebuilder was a First Progress card (when they first came out), but I believe they have different flavors now.
